Oil prices showed a moderate decline on Wednesday, after they reached the highest levels since November last year the day before. This rise was caused by information about the intentions of Saudi Arabia and Russia to extend the voluntary reduction of production until the end of 2023. The Kingdom will reduce oil production by 1 million barrels per day by the end of 2023, and Russia – by 300 thousand b/d. The current price of Brent oil is $89.34 per barrel. Yesterday, prices reached $91.08. North American WTI oil shows similar dynamics: the current asset price is $86.05, yesterday the quotes reached the level of $87.90 per barrel. Analysts believe that restrictions on oil production will continue to support oil prices and may lead to a significant reduction in oil reserves. Today, you should pay attention to the weekly report from the American Petroleum Institute (API) on crude oil reserves in the country.
